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Teetering on the brink of the new Depression
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handofdave
handofdave
3515 posts

Teetering on the brink of the new Depression
Sep 18, 2008, 12:56
Perhaps I oughtn't to be flip here, but does anyone else feel like the chickens are coming home to roost?

I mean, I don't wish for a financial meltdown on the world markets, as it will be the poor and middle class that will take the hardest hit, but I'm not very sympathetic to the high rollers who're losing their shirts. As a matter of fact, I take admitted shadenfreude in the knowledge that the most arrogant of the 'investor class' are sweating bullets.

Ironic to see these people scared shitless about their money. Most of the world goes to bed at night worried about their LACK of money.

I have a feeling none of the drastic measures are going to forestall a huge 'correction'.

Thru all of this, the infuriating thing for me is that my nation's leaders have been putting off the sort of infrastructure changes that could have avoided this meltdown since Ronald Reagan. They've pandered to the fantasy that Americans can gorge themselves on luxury forever without consequence. Even Clinton did nothing.

And now it looks like all the money's run out and there's nothing left to put towards the migration to solar and wind, etc. It's all been blown on Hummers and all-you-can-eat meals and wars of choice.

Dire times ahead. I don't have much confidence that all these triage efforts are going to prevent the implosion of the world financial system, and by extension, great discomfort and suffering for the world.

Well, there was lots of warnings that went unheeded, dating back decades. It seems every other generation has to learn the hard way.
IanB
IanB
6761 posts

Edited Sep 18, 2008, 13:29
Re: Teetering on the brink of the new Depression
Sep 18, 2008, 13:28
There was just a news story on the BBC that those responsible for education here are hoping to tempt ex-bankers into teaching.

Is that really what we want our kids to learn? Hubris, greed and an unerring ability to dodge personal repsonsiblity for ones own errors of judgement!

The difference between 2009 and 1929 is going to be the fact that they can now anticipate the avalanche and where and when it will fall so a certain amount of mitigation comes into play that was impossible 80, even 30 years ago. Which is why we are seeing the current moves in the banking realm.

Also social unrest might be good for property speculation but it is not so good for consumerism. I suspect that as with our wars the distant poor will pay the heaviest price and then our own working class. The western middle classes will pay the heaviest price in terms of total $$$ but not the heaviest propotional to their personal wealth. If you follow me.
handofdave
handofdave
3515 posts

Re: Teetering on the brink of the new Depression
Sep 18, 2008, 17:55
IanB wrote:
Also social unrest might be good for property speculation but it is not so good for consumerism. I suspect that as with our wars the distant poor will pay the heaviest price and then our own working class. The western middle classes will pay the heaviest price in terms of total $$$ but not the heaviest propotional to their personal wealth. If you follow me.


I do.
I'm hoping that this crisis translates into a reversal of trends that have, as we all know, funneled wealth upwards at an ever increasing clip. For the last three decades, the wealthy have become increasingly distanced from reality... you have to wonder how they thought they could keep doubling their dividends while simultaneously cutting the legs out from under the 'machine' that feeds them..
I'm completely disgusted with a lot of people who fall under the 'middle class' demographic here in the USA. They are the ones who have shot themselves in the foot by allowing themselves to be brainwashed into believing that any curbs on the greed of the economic elite, any move towards national health care, or keeping industry regulated amounts to 'Socialism'. The sad joke is that they don't fathom that they already DO enjoy elements of 'socialism' in the form of medicare, social security (which pays out even to the richest citizens of retirement age, for no good reason), government securities, federal, state, and local infrastructure, etc. And if any of these were suddenly gone, they'd howl.

It's embarrassing to admit, but much of the US population is just plain stupid. As much as any CEO, politician, or international financier, it's the Joe Six-Packs who screwed us all by propping up a class that's decided to sell the whole world down the river to sate their never-satisfied hunger for more, more, more...

In the USA, the myth that anyone can get wildly rich has taken on such a life of it's own that even many poor people are frightened by the prospect that their own fantasies of 'having their boat come in' will be undermined if the wealthy are constrained. It's a powerful meme that the fat cats have successfully deployed every couple of years to keep the gravy train of easy money pouring in.
Wychburygirl2
Wychburygirl2
46 posts

Re: Teetering on the brink of the new Depression
Sep 18, 2008, 19:25
I'm with you on the having not an iota of sympathy for the financers. And as you point out its the people at the lower end of the food chainer who will bear the biggest brunt.

They have been wreckless and greedy. Their homes should be confiscated and the proceeds of the sale go to government agencies or charities who help the needy and homeless.

I am sick of the garbage that the media spiels out about how tragic it is for them.
shanshee_allures
2563 posts

Re: Teetering on the brink of the new Depression
Sep 18, 2008, 20:57
Am I the olny one who thinks 'Freddie Mac and Annie Mae' sounds like a couple of radio 1 djs?

:-)

x
PMM
PMM
3155 posts

Re: Teetering on the brink of the new Depression
Sep 18, 2008, 21:45
That's Steve Lamacq and Annie nightingale. And yeah, I agree with Dave entirely. It's going to be horrible for everyone, and will hurt the rich and powerful least and last, but there's some perverse part of me watching the events unfold and is glad.
handofdave
handofdave
3515 posts

Re: Teetering on the brink of the new Depression
Sep 18, 2008, 22:01
PMM wrote:
That's Steve Lamacq and Annie nightingale. And yeah, I agree with Dave entirely. It's going to be horrible for everyone, and will hurt the rich and powerful least and last, but there's some perverse part of me watching the events unfold and is glad.


My only hope in all this is that the meltdown will bring it home for everyone, for another generation at least, that there are consequences to our disregard for thrift, for care, and for humility.
shanshee_allures
2563 posts

Re: Teetering on the brink of the new Depression
Sep 18, 2008, 22:05
PMM wrote:

That's Steve Lamacq and Annie nightingale.


Is it?

;-)

x
Sir John Dunn
Sir John Dunn
530 posts

Re: Teetering on the brink of the new Depression
Sep 18, 2008, 22:42
shanshee_allures wrote:
Am I the olny one who thinks 'Freddie Mac and Annie Mae' sounds like a couple of radio 1 djs?

:-)

x


Too right, Shanshee. These clowns sounds like the Smashie and Nicey of the Bank Generation.
nigelswift
8112 posts

Re: Teetering on the brink of the new Depression
Sep 19, 2008, 09:04
Wychburygirl2 wrote:
I'm with you on the having not an iota of sympathy for the financers. And as you point out its the people at the lower end of the food chainer who will bear the biggest brunt.

They have been wreckless and greedy. Their homes should be confiscated and the proceeds of the sale go to government agencies or charities who help the needy and homeless.

I am sick of the garbage that the media spiels out about how tragic it is for them.


That's so simple and so true.

We the taxpayer have just shelled out $30 billion to support the system, whereas in 2005 alone -
"In London, 3,000 in line for £1 million bonus"
"London financial firms will raise annual bonuses by 16 percent to £7.5 billion after investment banks including Goldman Sachs Group posted record earnings in 2005."
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